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This site provides extensive information about the ranges of Edmond de Rothschild Group funds. In particular, it provides simplified access to key fund-related data (performance, net asset values, features) and their commercial or legal documents.

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The identity of the managers presented in this document may change during the life of the product.

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Investment objective

Over a recommended investment period of more than five years, the UCITS is managed with the aim of achieving net asset value growth by investing in companies in the Indian subcontinent (essentially India, but also Pakistan, Sri Lanka and Bangladesh), in accordance with selection criteria described in the investment strategy.

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Commentary 31/01/2018

The Indian Government is considering an increase in the percentage limit on foreign ownership of private banks in India from 74% to 100%, and from 20% to 49% for public banks. If this measure becomes reality, India's weight in emerging market indices will be significantly increased. Overall, the quarterly results have been satisfactory. Among the disappointments were Indian IT service companies with very low earnings growth (0% Infosys, +1% TCS and +7% HCL Tech). Cement makers also released lower-than-expected results: -25% for Ultratech, but +42% for Shree, which announced the acquisition of UCC in the United Arab Emirates. Private banks reported earnings in line with expectations: HDFC Bank +20%, IndusInd +24%, Yes Bank +22%, -32% for ICICI Bank and +145% for HDFC, though this was inflated by the sale of its stake in HDFC Life. Life assurance companies surprised positively: +80% and +21% respectively for ICICI Prudential and SBI LIfe. Consumer staples reported quality results: +19% for Asian Paints, +22% for Maruti (automotive), +24% for Godrej and +66% for Supermarts. Industrial stocks also surprised on the upturn, starting with Larsen +53%, thanks to better margins, +18% for Adani Ports, +22% for Crompton and +30% for Havells. Reliance Industries published strong earnings, too: +26% with profits showing on mobile telecoms  for the first time. In January, investors revisited the stocks that had been left behind in 2017: commodities and IT services. We remain cautious on IT services because automation is deflationary for this industry. However, the majority of Indian IT services stocks are quoted in USD. With the increase  modest for the time being  in the trade deficit ($14.9 billion in November) and the hike in oil prices, there is a risk of depreciation facing the rupee. So it will also be necessary to monitor interest rate shifts on the government's 10-year bonds, which jumped over 70 bps in just three months. Accordingly, we advise investors to adopt a wait-and-see attitude.

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Change in NAV

You are about to download the historical data for a portfolio. Please note that past performance is not an indication of future performance and it may vary over time. They may be affected, for example, by changes in exchange rates

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Net dividends reinvested Past performance and volatility does not guarantee future performance and volatility which may change over time, and can be affected by fluctuating exchange rates. Performance data does not take into account the fees and charges received when issuing and redeeming units.

Performance A-EUR

Cumulative

Annualised

Since 01/01/2018

-9.16 %

-6.19 %

-9.16 %

-6.19 %

1 Year

8.99 %

5.86 %

8.94 %

5.83 %

3 Year

1.01 %

3.97 %

0.33 %

1.30 %

5 year

68.28 %

56.99 %

10.96 %

9.43 %

Since inception

186.53 %

195.95 %

8.68 %

8.96 %

Since 01/01/2018

1 Year

3 Year

5 year

Since inception

Cumulative

Share class (A-EUR)

Benchmark

-9.16 %

-6.19 %

8.99 %

5.86 %

1.01 %

3.97 %

68.28 %

56.99 %

186.53 %

195.95 %

Annualised

Share class (A-EUR)

Benchmark

–

8.94 %

5.83 %

0.33 %

1.30 %

10.96 %

9.43 %

8.68 %

8.96 %

*Rolling periods

Annual performance

Net dividends reinvested Past performance and volatility does not guarantee future performance and volatility which may change over time, and can be affected by fluctuating exchange rates. Performance data does not take into account the fees and charges received when issuing and redeeming units.

Statistics

Volatility

Tracking Error

Correlation coefficient

Information ratio

Sharpe ratio

Share class A-EUR

Benchmark

Share class A-EUR

Benchmark

Share class A-EUR

Benchmark

Share class A-EUR

Benchmark

Share class A-EUR

Benchmark

1 Year*

13.76 %

13.93 %

4.85 %

–

0.94 %

–

0.80 %

–

1.18 %

–

3 Year *

15.61 %

15.88 %

5.23 %

–

0.94 %

–

-0.25 %

–

0.25 %

–

Max. drawdown

Alpha

Beta

Share class A-EUR

Benchmark

Share class A-EUR

Benchmark

Share class A-EUR

Benchmark

1 Year*

-6.16 %

–

0.08 %

–

0.93 %

–

3 Year *

-31.84 %

–

-0.08 %

–

0.93 %

–

Max. monthly gain Since inception

28.45 %

Max. monthly loss Since inception

-32.49 %

Share class A-EUR

Benchmark

1 Year*

3 Year *

1 Year*

3 Year *

Volatility

13.76 %

15.61 %

13.93 %

15.88 %

Tracking Error

4.85 %

5.23 %

–

–

Sharpe ratio

1.18 %

0.25 %

–

–

Alpha

0.08 %

-0.08 %

–

–

Correlation coefficient

0.94 %

0.94 %

–

–

Information ratio

0.80 %

-0.25 %

–

–

Max. monthly loss

-32.49 %

–

Max. monthly gain

28.45 %

–

Max. drawdown

-6.16 %

-31.84 %

–

–

Beta

0.93 %

0.93 %

–

–

Past performance and volatility does not guarantee future performance and volatility which may change over time, and can be affected by fluctuating exchange rates. Performance data does not take into account the fees and charges received when issuing and redeeming units.

Fund information

Inception Date (Fund)

09/02/2005

Inception Date (Part)

30/06/2005

Legal form

Mutual Fund

Benchmark

MSCI India (NR)

Currency (fund)

EUR

Currency (share class)

EUR

Distribution Policy

Accumulation

Valuation frequency

Daily

Minimum initial investment

1 Share

PEA eligible

ISIN Code

FR0010479931

AuM (fund)

114 M (EUR)

Regulatory authority

AMF

EU Regulation

Management company

Edmond de Rothschild Asset Management (France)

Delegated Management Company

Incorporation

France

Representative agent

Paying agent

Maximum management fee

2,000 %

Current management fee

2.000 %

Subscription and redemption conditions

Daily before 9.30 am C.E.T. on day's net asset value

Subscription fee

3.00 % max

Redemption fee

Performance fee

15,000 %

Fund documentation

(1) The rating grades the funds on a scale from 1 to 7. This rating system is based on the average fluctuations of the net asset value over the past five years. It corresponds to the variation range of the portfolio upwards and downwards. If the net asset value is less than 5 years old, the rating is determined by other regulatory calculation methods. Historical data such as those used to calculate the rating may not be a reliable indication of the future risk profile. The current category is neither a guarantee nor an objective. Category 1 does not signify a risk-free investment.